FOR IMMEDIATE RELEASE
September 25, 2015
Alex Doukas, email@example.com, +1 202 817 0357
Oil Change International Statement on China’s Announcement to Limit Investment in Polluting Projects
In response to the announcement today that China – one of the largest providers of public financing for infrastructure worldwide – agreed to restrict its finance for coal in line with previous commitments by the United States, Stephen Kretzmann, Executive Director of Oil Change International released the following statement:
“In moving towards an end to government funding for the fossil fuel industry, President Obama and President Xi are demonstrating real, substantive progress towards the 2009 G20 Leader’s Pledge of phasing out fossil fuel subsidies. Civil society is poised to echo and amplify this achievement with an International Day of Action to Stop Funding Fossils on November 14th. All eyes are now on Prime Minister Shinzo Abe of Japan to stop the country’s overseas investments in coal immediately. With China’s pledge, Japan has lost its number one excuse for continuing to push dirty coal on the world.
“Climate leadership requires the ability to say no to the fossil fuel industry, and particularly immediately to coal, which truly has no future in a climate safe world.”
- Between 2007 and 2014, more than US $73 billion – or over $9 billion a year – in public finance was approved for coal. China was the second largest provider of that finance. See: https://priceofoil.org/2015/06/02/rug-governments-international-institutions-hiding-billions-support-coal-industry/
- OECD countries will meet in mid-November following the G20 meetings in Turkey to discuss limits to funding for coal. China’s pledge to work toward limits on overseas investment in polluting infrastructure should positively influence the OECD discussions.